OFG Bancorp (NYSE:OFG) Releases Quarterly Earnings Results, Beats Expectations By $0.10 EPS

OFG Bancorp (NYSE:OFG - Get Free Report) issued its earnings results on Thursday. The bank reported $1.15 EPS for the quarter, beating the consensus estimate of $1.05 by $0.10, Zacks reports. OFG Bancorp had a net margin of 22.10% and a return on equity of 15.23%. The company had revenue of $182.20 million during the quarter, compared to analysts' expectations of $181.50 million. During the same period in the previous year, the company earned $1.08 EPS. The business's revenue for the quarter was up 1.6% compared to the same quarter last year.

OFG Bancorp Trading Up 3.4%

OFG Bancorp stock opened at $45.50 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.20. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $47.66. The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of 10.91 and a beta of 0.75. The stock has a 50-day moving average price of $42.50 and a 200 day moving average price of $41.24.

OFG Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.64%. OFG Bancorp's payout ratio is 28.78%.

Insider Activity at OFG Bancorp

In other OFG Bancorp news, CFO Maritza Arizmendi sold 5,000 shares of the business's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $41.44, for a total value of $207,200.00. Following the completion of the transaction, the chief financial officer directly owned 63,470 shares of the company's stock, valued at approximately $2,630,196.80. The trade was a 7.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.11% of the stock is owned by company insiders.

Institutional Inflows and Outflows

An institutional investor recently raised its position in OFG Bancorp stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in OFG Bancorp (NYSE:OFG - Free Report) by 2.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,719 shares of the bank's stock after buying an additional 552 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.06% of OFG Bancorp worth $1,069,000 at the end of the most recent quarter. Institutional investors own 92.73% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on OFG shares. Keefe, Bruyette & Woods upped their price objective on shares of OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research note on Friday. Hovde Group lowered their price objective on shares of OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. Piper Sandler lowered their target price on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. Wells Fargo & Company increased their target price on shares of OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Finally, Wall Street Zen downgraded shares of OFG Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, July 12th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $47.50.

OFG Bancorp Company Profile

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.